Macau SAR
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Hong Kong property developer and contractor tests appetite for maiden loan
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The casino operator has extended a 2016 loan by one year
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Shanghai-listed Ming Yang Smart Energy is one of just a few issuers to list its bonds in Macau
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Dollar bonds of Macau’s casino operators are taking a hit due to regulatory uncertainty
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Bank of China's Macau branch raised $280m from the dual-tranche deal
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The casino company sells five, seven and 10 year notes
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Casino operator Wynn Macau is set to close a new loan of around $1.5bn with a small club of banks.
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Macau's Luso International Bank sold an additional tier one bond last Friday, raising $248m.
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Casino operator SJM Holdings is planning a return to the loan market, as it looks to ride on the successes of two well-received bond deals this year.
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Casino operator MGM China Holdings added more liquidity to its balance sheet this week with a $750m bond outing.
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Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.
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Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.
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Gaming company Wynn Macau benefitted from a revival in sentiment around the casino industry for its bond return on Tuesday. It raised $750m from a tap of its 5.625% 2028 notes.
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Standard Chartered has relocated a veteran banker from Taiwan to take on the newly created job of chief executive officer for the Greater Bay Area.
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Casino developer Wynn Macau has made a rapid return to the bond market for an $850m deal, riding on an uplift in sentiment following the slow easing of travel restrictions to the Asian gambling hub.
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Melco Resorts Finance tapped its 5.75% 2028 notes on Tuesday, adding another $350m to the trade.
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Melco Resorts Finance was forced to pay a premium to secure orders for its $500m bond this week amid a wider underperformance of recent casino deals.
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Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.
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The People’s Bank of China and its Hong Kong and Macau counterparts jointly announced plans to establish a wealth management connect scheme this week. While short on details, the move marks another step towards opening up China's capital markets.
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Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.
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Macau casino operator MGM China Holdings raked in $500m from bond investors on Thursday.
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China’s Powerlong Real Estate Holdings has closed a $200m-equivalent loan with three banks.
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Macau casino operator SJM Holdings is in talks with lenders for covenant waivers on a HK$25bn ($3.2bn) facility, as it faces delays over opening a new resort in Asia’s gambling hub.
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Melco Resorts & Entertainment has closed a HK$14.85bn ($1.9bn) revolving credit facility to refinance an old borrowing maturing this June.
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Bank of China took Covid-19-linked bonds offshore on Thursday with a dual currency two year transaction, which was offered through its Macau branch.
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China’s Powerlong Real Estate Holdings is returning to the international loan market to refinance some of its debt, mandating one bank to lead the deal.
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In this round-up, Chinese president Xi Jinping headed to Macau for the 20th anniversary of the handover, the National People’s Congress will hold a fourth reading of the Securities Law next week and the People’s Bank of China (PBoC) has lowered the 14-day reverse repo rate.
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In this round-up, US president Donald Trump reportedly signed the phase one trade deal on Thursday, China concluded the Central Economic Work Conference and the Mainland government is set to turn Macau into a financial hub with new policies.
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Wynn Macau, a hotel and casino resort, raised $1bn from its bond return on Tuesday, surpassing expectations on both size and price.
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In this round-up, conflicting trade war headlines confuse the market, Huawei sues the Federal Communication Commission amid public relations troubles at home and the People’s Bank of China (PBoC) signs a three year bilateral currency swap agreement with the Monetary Authority of Macao.
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Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday.
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Beijing Infrastructure Investment Co has returned to the dim sum bond market after a five year break. The tightly priced Rmb1bn ($142m) deal was the first from an investment grade state-owned corporate issuer in the CNH market this year.
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In this round-up, the US and China agree to meet in October in Washington, Hong Kong's chief executive formally withdraws the extradition bill and the Chinese state council is set to release local government bond quotas for 2020 early.
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Macau casino operator MGM China has raised its first unsecured borrowing, joining a handful of companies raising straight loans to replace outstanding secured facilities. Bankers think that plenty more casinos will take a punt on the format. Pan Yue reports.
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MGM China has raised a HK$9.75bn ($1bn) unsecured revolving credit facility with a group of 13 lenders to repay its old secured borrowings.
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Melco Resorts & Entertainment, a Macau casino operator, returned to the dollar bond market on Wednesday, selling $600m of eight year bonds just a few months after a $500m issue in April.
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One banker recently went to Macau for a long weekend with his friends, with plans to drink large amount of whisky, eat from overflowing plates of fine food, and gamble until the small hours of the morning. “I’m going to get lucky,” he promised me.
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The Chinese Ministry of Finance (MoF) completed its maiden Rmb1.7bn ($247m) three year offshore renminbi bond in Macau on Thursday, pricing it slightly higher than onshore government bonds.
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Macau casino operator Studio City Finance has priced a $600m deal to fund a tender offer, winning plaudits for its precise pricing. But while the company could return to the bond market again this year, overall supply from the sector is expected to be subdued.
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Macau casino operator Studio City Finance raised $600m from a deal that was priced right around fair value, funding a tender offer. There could be more bonds from the company in 2019.
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Sands China has closed a $2bn five year borrowing with participation from around 10 banks.
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Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.
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Studio City International Holdings priced its debut on the New York Stock Exchange (NYSE) at the top of its marketing range on Thursday, raising $359.4m.
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China’s Niu Technologies has launched bookbuilding for a $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources said they did not expect the trade to be a blowout.
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Studio City International Holdings launched its $359.4m New York Stock Exchange listing on Wednesday, in a deal heavily anchored by its controlling shareholders.
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Studio City International Holdings, the Macau-based casino resort, has filed publicly for an IPO in the US with an indicative size of $115m.
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Macau gaming leader Sands China made waves in the debt market on Thursday with its mammoth $5.5bn triple-tranche bond debut.